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A Hybrid Multi-Criteria Analysis Approach for the Assessment of Renewable Energy Resources Under Uncertainty

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  • Fatih Tüysüz

Abstract

Evaluation of renewable energy resources is a critical and complex process which requires the assessment and aggregation of multiple criteria and also the usage of appropriate data related to them. This study presents a simulation based multi-criteria model for the general evaluation of renewable energy alternatives. This model integrates Monte Carlo simulation technique with Grey Relational Analysis (GRA) method to be able to represent the variability and the uncertainty inherent in the data. Simulation based GRA method is used for ranking the renewable energy alternatives which are solar, wind, hydroelectric, biomass and geothermal energy. The effectiveness and the applicability of the proposed model is also illustrated with an application in which 5 renewable energy alternatives are evaluated according to 12 criteria.

Suggested Citation

  • Fatih Tüysüz, 2017. "A Hybrid Multi-Criteria Analysis Approach for the Assessment of Renewable Energy Resources Under Uncertainty," Alphanumeric Journal, Bahadir Fatih Yildirim, vol. 5(2), pages 317-328, December.
    • Handle: RePEc:anm:alpnmr:v:5:y:2017:i:2:p:317-328
    DOI: http://dx.doi.org/10.17093/alphanumeric.359662
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    More about this item

    Keywords

    Grey Relational Analysis; Multiple Criteria Evaluation; Renewable Energy; Simulation;
    All these keywords.

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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